July 31st, 2012
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How Well Do Banking Careers Pay?
A career in banking can be very promising, especially since there are so many options to go for and a lot of opportunities for advancements. You can start out as a teller or an assistant and gradually move your way up to a team leader, branch manager or credit manager. You can also pursue a career as a consultant or personal banker, which will have their own challenges every day.
Popular choices in banking include consultants, tellers, team leaders and personal bankers. However, you can choose to further qualify by completing a specific degree and choosing a career such as a chartered accountant, data analyst or even an actuary. The level of training needed will depend on the type of career you are looking for; make sure about the requirements prior to applying for any position within the banking industry, especially if you are planning to work your way up the ladder.
When it comes to salary expectations it will vary between positions and of course your experience. According to Payscale.com, an account manager can expect to earn between R75,000 and R500,000 per year, depending on experience. Qualified individuals such as actuaries and chartered accountants can earn up to R2,201,000 per year, while analysts and credit managers earn on average between R140,000 and R550,000 per year. If you are starting out as a bank teller, expect an annual salary of between R20,000 and R90,000 per year. Branch managers can earn between R100,000 and R440,000 per year, and team leaders up to R240,000 per year. This goes to show just how many options there are in the banking industry in South Africa.
Training and Qualifications
The training you will need depends on the role you want to go into. If you want to become a bank teller you may not need a degree, although it will certainly help to have good qualifications once you leave high school. It can be of particular use to show an aptitude for maths, since this will very likely be involved in the vast majority of banking jobs.
In other cases you can study to get further qualifications that are specific to banking careers. Good examples include a Certificate in Banking – a good general qualification – and a BCom. The latter is a Bachelor of Commerce, which is a good degree to have for anyone going into the banking world.
The best bet is to find out what role you want to go into and then see whether you are required to have any particular qualifications to get it.